Koree, a Cameroonian fintech, secured a $200,000 pre-seed funding round aimed at expanding its merchant network, growing its user base, and achieving product-market fit. The round saw support from investors like Tunde Akinnuwa, co-founder at Duplo, Cameroon Angels Network, Catalytic Africa, Digital Africa, and other private investors. Koree addresses the challenge of spare change in cash-based economies by enabling merchants to return customers’ spare change using a card and digital wallet. Additionally, the platform facilitates loyalty programs for customers to earn cashback rewards.
The company plans to launch a marketplace allowing users to earn cash rewards across various purchase categories. Users can redeem their earnings directly into their mobile money accounts through partnered payment service providers. Since its launch in September 2022, Koree has acquired over 13,000 users, processed $400,000 worth of transactions, and established 30,000 private wallets.
Revenue streams from charging merchants a subscription fee and a commission on transactions. The company secured wins in competitions like the Orange Fab Cameroon challenge and the Ecobank Fintech Challenge, gaining resources, mentorship, and funding to aid expansion across francophone Africa. Koree aims to strengthen its team by hiring in business development and engineering roles while establishing a physical office in Douala, Cameroon, to foster team cohesion and cultivate a robust work culture across its operations in Cameroon, Côte d’Ivoire, Togo, Nigeria, and Senegal.
